In a recent post on social media, Tesla CEO Elon Musk promised to donate a portion of his SpaceX (NASDAQ:SPCX) shares to children in the U.S.

"Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many," Musk recently tweeted.

No timing or details on the donations were offered. Nor did Musk explicitly state he would use Trump Accounts, or 530A accounts. Still, President Donald Trump praised the announcement. "This is exactly what was envisioned when we created TRUMP ACCOUNTS," he wrote on social media.

Trump said Musk's donation would help American children have a "piece of the American Dream."

Earlier this month, Treasury Secretary Scott Bessent said roughly 70 million Trump Accounts have been created. Some accounts were likely set up automatically and not opened by parents or guardians.

There are reportedly 72 million children under 18 in the U.S. If Musk donated one SpaceX share to each child, that would be 72 million shares, valued at $10.6 billion as of Tuesday.

That donation would top the $6.25 billion Michael Dell and his wife donated to help fund Trump Accounts for children.

Musk's Donation vs. Wealth

While some were quick to ask why Musk is not donating the shares today, a social media post from the billionaire suggests he is waiting until all of his SpaceX shares are able to be traded. He is currently subject to a 366-day lockup on a portion of his shares, which would mean they would not be eligible for trading until June 2027.

Musk owns about 48% of SpaceX shares and has about 85% voting power.

Even with the $10.6 billion donation, Musk would still be worth $908.4 billion. That's assuming his net worth doesn't change from now until next June, according to Bloomberg.

The current $10.6 billion pledged donation isn't official anywhere and would represent only 1.2% of Musk's current wealth.

If Musk donated $10.6 billion SpaceX shares, his wealth would still be 2.44x higher than the second-richest billionaire, Jeff Bezos. The Amazon.com founder is currently worth $372 billion.

Musk's donation likely caught some people off guard, given his lack of philanthropy over the years. Musk also previously encouraged people not to donate to the Trump Accounts efforts.

'No Need to Save Money'

"It is certainly a nice gesture of the Dells, but there will be no poverty in the future and so no need to save money. There will be universal high income," Musk tweeted in response to a post from Ray Dalio praising the Trump Accounts.

Musk has argued for universal high incomes in the past. He also claims that AI and robotics will help people stop working in the future.

His donation could suggest he has changed his mind about Trump Accounts or that he believes Tesla and SpaceX's value will rise over the next year, adding to his wealth.

New pay packages could also take Musk's net worth even higher. Musk could earn around $1 trillion from a Tesla pay package if all milestones are met in the future.

The billionaire's compensation agreement with SpaceX could also pay out an additional billion shares if milestones are met.